Spousal Registered Retirement Savings Plans are not universally understood by investors, and are certainly not utilized to their maximum benefit.
These financial vehicles were designed to encourage retirement savings with tax breaks at time of contribution and at time of withdrawal, just like regular RRSPs.
Starting your professional career can be equal parts exciting and terrifying. Having a steady stream of income for the first time is a great feeling but knowing what to do with the money can be confusing. Below are 5 strategies that all young professionals should employ to make sure their finances stay on track.
The Bank of Canada has raised interest rates 4 times since summer of 2017 and it is expected that they will continue to do so. Canadians need to prepare for a period of rising rates, as it will impact mortgages, lines of credit, student loans, savings accounts, and investments. A survey conducted by IPSO in 2016 indicated that 48% of Canadians are just $200 away from not being able to meet their financial obligations. With rates rising higher than they’ve been since 2008, households need to be aware of the impact rate hikes could have on them.
After all the bills are paid, sometimes we find ourselves with a surplus of cash and are left wondering the best way to use it. Your options for available cash essentially fall into three categories: spending it, investing it, or pay down debt. Trying to perfect the balancing act of savings as much as possible while still trying to pay for a mortgage can be stressful and somewhat confusing. While there is no one-size-fits-all solution for allocating cash, there are some tried and true principles that could help you make the most of your money.
Dollar Cost Averaging (DCA) is a structured approach to buying investments. DCA is intended to temper the volatility of your investment portfolio by breaking large holding purchases into smaller buys done over time.
Instead of buying a large holding of a single investment vehicle all at once, the entire purchase is divided into smaller transactions and spread over a period of time.
This information is designed to educate and inform you of financial strategies and products currently available. As each individual’s circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.